Legend Biotech Co. (NASDAQ:LEGN) Receives Average Rating of “Moderate Buy” from Brokerages

Legend Biotech Co. (NASDAQ:LEGN) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $76.20.

Several brokerages recently weighed in on LEGN. Royal Bank of Canada restated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Morgan Stanley decreased their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Legend Biotech in a research report on Wednesday, May 14th. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $37.91 on Friday. The business has a 50 day moving average price of $31.84 and a 200 day moving average price of $34.53. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $60.87. The company has a market cap of $6.97 billion, a price-to-earnings ratio of -39.90 and a beta of 0.13. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same quarter in the prior year, the company earned ($0.16) EPS. The firm’s revenue for the quarter was up 107.8% compared to the same quarter last year. Research analysts predict that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. GAMMA Investing LLC lifted its holdings in shares of Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after acquiring an additional 765 shares during the period. Quarry LP bought a new position in shares of Legend Biotech during the first quarter valued at $48,000. Signaturefd LLC lifted its holdings in shares of Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Legend Biotech in the 4th quarter worth approximately $56,000. Finally, Brooklyn Investment Group boosted its holdings in shares of Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after acquiring an additional 1,583 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).